Denys Maliuska: The introduction of the law of trusts will provide affordable loans for business

Simplifying of business conduct and improvement of the investment climate in Ukraine are the main goals contained in the Law of Ukraine "On amendments to certain legislative acts of Ukraine regarding investment incentives in Ukraine" adopted by the Verkhovna Rada (Draft No.1059). In addition, the innovations provided for in this law will help Ukraine to grow in the World Bank's Doing Business ranking, which is one of the key strategic indicators for investors and international partners. Minister of Justice of Ukraine Denys Maliuska emphasized.

"One of the crucial innovations is the introduction of a new law of trusts for Ukrainian legislation that will improve the situation regarding securing contractual obligations between the lender and the borrower. This is a completely new tool for securing credit obligations, which minimizes the creditors' risk associated with repayment of troubled debt and creates the preconditions for increasing the amounts of providing business with loans", said Denys Maliuska.

According to him, this novelty will ensure effective protection of creditors' rights, minimizing the risk of non-repayment or delayed repayment of the loans received by the debtors and, as a consequence, long-term litigation.

"The law should solve one of the main problems of the Ukrainian economy - the inaccessibility of credit funds for the domestic business, and reduce the interest rates on commercial and consumer lending", said the Minister of Justice.

Apart from that, the law provides for the abolition of a share contribution, additional protection of the rights of minority shareholders, improvement of the quality and speed of commercial litigation, as well as an increase in the number of limited liability companies operating on the basis of a model charter.

"I am convinced that with such initiatives we will ensure the dynamic growth of Ukraine in the Doing Business rating", the Minister stressed.